Financial Planning Webinar

Hi everyone, thanks for joining us for our financial planning webinar. We have 2 folks here that are going to walk us through all things financial planning. Laurent Pirot is here from the bursars office and Diane Ross is here from our financial planning office. You can feel free to submit any questions at anytime and will be able to answer those but without further ado will got things started.

Hi everyone, I'm Laurent Pirot as Molly said. I'm the bars are also in our office. We have piggy law cough who was a customer service representative and that's the primary person if you call in and have questions. She's one you would speak to.

In today's session, we're gonna go over general contact information student billing methods of payment student account information and other miscellaneous items that you'll need to know.

The brothers offices located in I Harvey Brombaugh on the first floor our office hours are from 10:00 AM till 3:00 PM. We have in joint email account, which is burger's office at junior.edu and that is the best way for you to contact us, especially now during the high call volume times because Peggy and I both have access to that, so we can respond quickly to your inquiries. But as always. Feel free to give us a call. If you have a question are phone numbers.

Are listed on throughout the slides?

So things for you to do, we have gone completely electronic with our billing system so we do not mail paper bills home to your home address OK so for anyone to receive that bill you must authorize your parents for them to receive a notification that is the first thing that we highly recommend that you do second item is if you are expecting a refund from your federal loans or alternative loans. We encourage you to enroll and E refund.

That way your refund will go direct deposit to whatever bank account. You have set up for if you don't enroll what will happen is a paper check will be mailed home and then the 3rd item is the student insurance waiver and the link to waive the insurance is first student.com and we'll go over that a little bit later.

The billing process as I had stated we are completely online with the billing so we did send out notifications on July 8th. So you all should have received that notification payment is due on August 5th, but be mindful. We are aware that there are some things still being worked out, so as long as it's paid before classes start that will suffice and then we build for the spring in early December and that will be due January 6, 2020.

So the arch this is the student portal so this is where you would go to view your statements pay your bill online and this is where you would go to authorize your parents. You can authorize several people. You don't have to just authorize one and you would create a parent pin for them and then what would happen is they would receive an email from the bursars office with a temporary password OK. That's very crucial that you authorize them because if you do not authorize them.

They will knock at the bill and the students will be responsible for getting that bill to the parents and this is also where you enroll in Erie Fund.

So the first statement that reflects all of the charges in credits that we know to date keep in mind that it does show estimated financial aid on there because the eh does not dispersed until after the drop add period. We will send out a second statement. Approximately 2 to 3 weeks after the start of the semester. Once Drawpad has passed and we know that all the students are registered and in the correct classes, so don't be alarmed. If you have paid the bill and you receive a second Bill and be like Oh, I thought I already paid that.

It could be random miscellaneous fees, such as you add a class during drop add that had a lab fee, OK so that may be an additional $100 or in the meantime, you registered your vehicle so that may have a $75 charge on there so don't be alarmed if you do receive a second Bill and then from there on out if you have a balance. Do we will send out monthly notifications and that's for anything like if you get a traffic fine or you? Didn't return your library book. Those V those miscellaneous fees and will be sure to notify you.

Each month if there is a balance due on your account.

So forward plans all freshman will be on the anytime access plan. The hours of service are Monday through Friday from 7:15 in the morning till 11:00 o'clock at night and Saturday and Sunday. There are 10:30 AM to 11:00 o'clock at night. The meal plan includes $200 and ECB's per semester, OK and you're probably thinking. What are DC bees? Well DC bees? Are declining cash balance dollars that's put on your gold card and that's where you can go to jitters.

Or Mokara Norala car if you just wanted to grab a quick drink or a sandwich on your way to class. That's what those are intended for so all the kind of miscellaneous vendors on campus, OK, so as I said, You have $200 with the meal plan. And if you burn through those because you're grabbing a coffee every morning on your way to class. You can add additional dollars to your gold card OK and what you can do is you can do that online.

You can contact our office. You can come into our office and pay with cash and add that there are several ways to do it. We also have additional dollars at head waters, OK so this is kind of the campus store. That's in the basement of Ellis, where they sell Apparao and food and goodies there, so if your parents want to put you know once you get some apparel they can add DC bees for that just keep in mind that the ECB is associated with the meal plan are completely separate from the DC bees at head waters, so you can't use your meal DCBS.

To go buy a sweatshirt at head waters and then one other thing is, is that the DCB. It rolls from semester to semester. So it all rule from fall to spring, but it will not roll from year to year and then anything that you personally add to your DCB account that will stay with you. The full 4 years that you were here. And if you don't use all those DBS we will refund them to you after you graduate.

So ordering books from the Juniata College online bookstore. It's very simple. All you will need to do is go to juniata.textbookx.com and you will log in with your Juniata credentials.

You can say 60% off the list price order early for the best deals. You can get free shipping offers there's multiple book types knew use rental ebook. You can have them delivered to campus or you can have them delivered to your home and there's year round textbook buyback opportunities.

Here is the process for ordering your textbooks. You log in with your even at ID you select your books and then you check out with free shipping very simple and we don't require that you purchase them from the online bookstore. But this is where you will go to see what book she will require to have for the semester.

Medical insurance so you will see on your bill that every fall semester your charge for medical insurance. It's $1684 per year. Now, if you have coverage under your parents or someone else. You can waive that charge you must go to first student.com and this waiver must be completed by August 30th or we will assume you do not have coverage and you will automatically be enrolled.

Methods of payment, we accept cash checks money orders if you are sending a check. We ask did you make it payable to Juniata College and you send it to the 1700 more street address and be sure to put attention burgers office or you can always stop by the counter. An pay at the burger's office and I hardly bro. Ball we do accept credit cards, but keep in mind. We do not accept credit cards over the phone or in the office. You must pay online through cash net or the arch.

And we accept all major credit cards just keep in mind that we do assess a 2.75% fee for credit card payments and also, if you're an international student. We also accept wires and we have an international payment portal called pay my tuition.

Payment plans so we had cashnet payment plans and you can view those on the arch OK, you can enroll in those now for your parents if they want to enroll in them, they have to be authorized and they can access that on their parent portal. There are no interest fees associated with the payment plan. There is just an annual enrollment feed. So if you want to do a fall in a spring payment plan that would be $60.00 for the enrollment if you just want to do it for one semester to see how it goes.

It's just $35 now keep in mind that this is something that you want to do for the fall semester. The fall semester is only going to be a 3 month payment plan because of when. We started so it will be August September and October. Your spring payment plan will be 6 months and that will begin in November and that will go until April and then here on out you can choose to be on a 12 month plan 6 months. Beginning in May 6 months for fall 6 months for spring so if you don't want to pay your.

Tuition all up front by August 5th and January 6th. This may be an option for you.

So student account information, please realize that if you do have an outstanding balance after the after school has started. We will charge a late fee of 1.5% on any unpaid balance. Now, if you have an outstanding balance at the end of the semester. You may not be eligible to return for the next semester register for classes. If you decide that you can't pay it. We won't be able to give you your transcripts and if you are a senior you will not receive your diploma until the balance is paid in full.

And if you have to take a leave of absence in you're not enrolled and there's a balance. That's over 90 days. We will have to sign that to an outside collection agency. Hopefully we don't have to worry about that. But we stress that communication is key if you are having issues. Please reach out to me. Peggy financial aid. We are here to help you so we cannot emphasize that enough. We have to know what's going on in order to help you?

Other miscellaneous items, we do have an ATM machine. That's located on campus. It's in the basement of Ellis and it does charge a fee, but there is also an ATM at Sheetz and that does not charge a fee. And it's right down the road and the other thing is refunds. If you're expecting a refund. Please, please. Please enroll in Erie Fund. You will receive it. A lot faster than a paper check the mail home to your home address.

So now we will go into questions.

And well this PowerPoint be available after this webinar to revert back to yes, it will be made available online an if there are no other questions. I'm going to.

OK, there's one other question says I'm not sure if my loans and grants have been paid. How can I tell you will want to look on the arch on your statement and see if the loans in the grants are under your financial aid. If they are not on there. You want to contact the financial planning office and they'll be able to confirm that for you.

And now I'll transferred over to Diane and financial planning.

Hi everyone this is Diane Ross on the assistant director of financial planning. We're going to go over some things. This evening that are in this session is the general context. Information your loan options going to touch on work study and there were also at the very again. We're going to mention academic progress.

So this is our general contact information, so if you have any questions, you can give us a call or I'd suggest emailing our office at financialplanning@juniata.edu or summer hours are listed there as well as our academic year hours.

And the first thing I want to go over this evening is the award letter that you see in front of you everyone at this point in time should have received a financial aid award letter an if this does not look familiar to you. I would encourage you to contact our office as soon as possible. It could be that we're missing something perhaps a verification document or something that's holding it up, it by now. Everybody should have received an award letter from our office couple things. I want to go over question, we get a lot of times.

You'll see that the the all the financial aid resources are listed at the very top of the award letter, including this case. This student Susie. She's received the Baker scholarships. In Juniata funding her direct loans are listed on there as well as her work study. The center of the award letter does show tuition and fees. The room in the meal plan. So that is another question people said with this include the meal plan. Yes, it does so this is the room and board, or a room and meal plan and then.

It shows the gift day total on this for this particular student. Susie received 27,420 and she has her loans on their 5500 so the net cost of attendance or the net cost of Education for Susie for the academic year is 26. Nine five five now. This amount does not include work study so some students ask if I don't work with that. Change my cost for the year and it will not so if you work or if you don't work.

Your net cost of attendance or your education for the year will be the same cost students as they work on canvas. They get paid biweekly. It's based on the number of hours, she worked so if you decide you don't want to work your freshman year your bottom line or your net cost of Education will not change.

OK, so we're going to go over some loan options. Uh we're going to talk about the federal direct student loan and you always see that federal direct loan listed on the financial aid award letter. You'll see. It usually as a subsidized and or unsubsidized loan. There are apparent loan options for an undergraduate student and then we're going to talk about some alternative or private loan options that you as a student or a parent can get on your behalf.

OK, so everyone by now all students at least 1 parent has a federal student aid, ID that's the signature you use? Whenever you sign your fasa application. It's also the signature you use for your federal direct loans whether it be applying for a federal direct loan as a student or you're one of your appearance applying for a word that plus loan. You would have to have an individual. Unique FSA ID if if another appearance other than the one that helped you apply for the fast food.

Other parent would need to apply for a loan then that parent must also register for an FSA or a federal student aid, ID, which is the signature and the site is there to create one.

OK, so the federal direct loan. It's already on my award letter or it's already on my statement of account. That's already been produced. What do I need to receive it so all students must log into studentloans.gov some of you may have already done this? I know we're getting a response files from the federal government everyday where some of you have already done this so it's a 2 step part So what you need to do is log on again to studentloans.gov using your.

Own unique FSA ID all students. I can't stress this enough. You cannot have a parent do it for you. You cannot use your parents ID because you may have forgotten yours. You have to log in using your FSA user ID and you must? Do 2 things first of all you must actually complete the entrance counseling and then complete the master promissory note. So we're going to talk about that. In one of our next slides, but just so you know the loan is dispersed into equal.

Famous all of our financial aid, including our loans are dispersed by semester. So 50% of your disbursement whether it be a scholarship and grant alone is dispersed 50% dispersed in the fall and then the other 50% in this spring. For the federal direct loans. There is a 1.62 origination fee. That means the government takes out 1% of the loan before they send it and then there's also for this coming 1920 academic year. There's a fixed interest rate on the federal direct loans.

For students in his 4.53%.

OK, so the loan fees, the initial build that Lauren had mentioned is going to reflect or is reflecting the gross amount of your love. For instance, many of you have a subsidized loan of $3500 for the year and 2000 in the unsubsidised lab on your bill an on your financial aid award letter. You can see that it shows 1750 for the subsidized portion and one thousand for the unsub portion. That's going to show on your fault Bill and that's going to show on your spring bill well.

As I mentioned the government is going to take out 1% of that loan before they disperse it. So, your your bill in your financial aid award letter. Both show the gross amount of 1750 and $1000 in the fall. Well, of that. The government will take $18.00 from the 1750 and they will take another $10 from the $1000 sublow unsub loan so don't be surprised if your bill satisfied and after the disbursement of your loan.

After drop out, you might get a bill it might show you owe $28 that's because of the 1% origination fees that aren't showing right now on your count becaus. The loans haven't been dispersed yet another thing is the plus loan just so you know the plus loan so that is the parent loan for undergraduate students. It has a 4% origination fee. So I just want parents to be mindful of this when they borrow through the plus loan program for the federal direct plus loan program that the government will take 4%.

Out of the plus loan before they disperse it so you want to keep that in mind when you're borrowing through that program 'cause sometimes. I tell parents to be mindful of that because you might want to add another 4% onto whatever amount you want to borrow just to cover those those fees. I'm just going to quick. I'm going to answer a couple questions as we're moving along here first of all the power point presentation. It is currently available is on the financial aid page of our website.

It's on the bottom left corner. It will show is a 1920 orientation presentation so that is on our website.

I'm not sure if my loans and grants have been paid, I think what you refer to your not sure. Maybe if they've been processed and if you contact our office just send our office. An email tomorrow or sometime this week. We can let you know if everything is done has been done to cover those loans. The grants will come in. They will disperse also after students arrive on campus. One thing to be mindful presenting you a financial aid award letter in a bill with all estimated aid aid doesn't actually get dispersed.

Onto the account until after drop add so we can just verify if you contact our office. We can verify you that everything is set and you've done everything you need to do to satisfy your bill.

Um.

So I'm going to go on here come, the statement does show the scholarships on the account and it shows that by line item so if you sit on your financial aid award letter. If you see that your student has you know 2:00 or 3:00 or four financial aid resources. You're going to see all of those resources listed on your bill is not going to lump them together, it's going to show them by resource. So those will be listed individually to subsidizing unsubsidized loan do show up on the statement of account some of you are asking.

What's the difference between the 70 on sub the subsidized portion of the loan the government. Wades the interest rate waves. The interest on it while you are in school, I called the subsidized portion of the loan free money for 4 years. But the unsubsidised portion of the loan. The government does charge interest on that, while you were in school as soon as it's just first they start charging interest so that is the difference between the sub in the unsub so if you're saying well. I don't know that I want both of those loans.

The unsubsidized loan is the one you wouldn't want to take because that's the one you're paying interest on so like I said the subsidized I call it, you know just free money for 4 years.

Um.

If you get denied the Parent plus loans so the question is if you're denied the Parent plus loan and we're going to talk about this in just a moment if you're denied the Parent plus loan then we get a notification in our office and we will add an additional $4000 to the students unsubsidized loan so that's the rule on the Parent Plus Tinio. If you are denied the student will be able to get an extra 4000.

Can we wanted this next slide here?

OK, we're going to talk about the plus loan only the parent of a dependent undergraduate student may apply for the plus loan. It must be a parent student must be enrolled. At least half time. But in this case. Students are all enrolled full-time and the parent must be creditworthy as determined by the federal government So what happens is that the parent applies.

Excuse me.

So the student we are the pair would go to thestudentloans.gov and sign in using his or her Thursday his or her FSA ID that's that federal student aid, ID and password. The same one that was used to assist the student in completing the Fasa application. You under the parent. Barware tab you would complete the plus application request. An if approved, and it will give you an immediate response after you complete the application once you complete and submit it.

It will tell you if you've been approved or denied if you're approved you want to take the next you want to finish the next line item, which is to complete the plus master promissory note, making sure that you choose. Juniata college on the application as the school. Dist to receive both the application and the master promissory note. Our office does receive electronic files each morning and we will see that you have applied and you've been accepted or that you've been denied.

Hum the their interest rate on those loans is 7.08 for the 1920 academic here. It is a fixed rate and of course, you can apply now as I mentioned before there is an origination fee of 4.24% on the plus loan the loan the plus sign is dispersed again in 2. Disbursements one in the fall in one of the spring. You'd be paid over a 10 year period and it's the you may borrow up to the cost of attendance minus all the aid received so.

You can add on books, if you would like even so, if you see that you on your financial aid award letter that your bottom line is you know $20,000. You want to make sure that you take into consideration. The 4% origination feet and maybe at that onto your loan amount and then also add on any amount that you feel. You may need for books. You can include that into your parent plus loan.

Um consolidation is possible after the four years, there's no penalty if you pay early and you do have the option of the in school deferment so in other words, If you choose. You may say I only want to pay on the interest until my child out of school. I'm going to defer payment for 4 years and I am only going to pay the interest. However, you must indicate this at the time of your application so you can't go back in and change it. Once it's been dispersed or once they had loan has been processed so you have to make this.

You have to make sure that you make that request when you're completing the application.

OK, it was asked before what do I do if I'm denies so if if your appearances denied the plus loan for credit reasons again the student becomes eligible for an additional on subsidized loan for the freshman year. It is $4000 and for the software years 4000 juniors and seniors are eligible for an additional $5000 again. This is in the subsidized loan portion if you are denied the plus loan. You have some choices. It's going to ask you.

If you would like to appeal it. Perhaps you feel that there's something on your your credit history. That's not accurate. You could say I'm going to pursue a cosigner or you can indicate you're just not going to pursue the plus loan. If you decide if you check on there will not pursue the plus loan. We automatically know that no further action is going to be taking on that loan application and we will automatically at that point time. Add the $4000 to your students unsubsidized loan.

And we will see that transmitting to their statement of account within 24 hours.

OK, um.

So the one of the questions is the master promissory note and entrance counseling needs to happen every year. No, it does not so a student completes the master promissory note in entrance counseling as a freshman student were first year student at Juniata College and as long as the student stays enrolled at Juniata College. You don't have to do that again. So it's a multi year loan application. The master promissory. Note is a blanket master problem, though, so you're not requesting a specific amount. It's a little bit different than the plus loan.

And that you're just saying I'm going to borrow through Juniata College and then what we do every year we whenever we prepare the financial aid award letter for you, we prepare it based on your academic year. You're you're in college. The number of credits you have sophomores or eligible for a little bit more in juniors and seniors as well so as a freshman student your loan is $3500 for the sub in 2000 for the unsub thank us up in small increments each year, so sophomores eligible for 4500.

And then 2000 and juniors and seniors 5500 in 2000 in the unsub so it does go up each year and we assume that you want the maximum amount as long as you tell us differently. So when we send out that financial aid award letter every year, you have the option of letting us know that you don't want perhaps one of the loans or both of the loans or you want a lesser amount.

It says the one of the questions is do I call the bursars office to find out if I've done everything properly. If you want to, if you have a question about your your bill like I would encourage you to contact the bursars office. If you're if you're wanting to find out if you've done the entrance counseling in the master promissory node. An everything is intact for your loans. I would encourage you to call financial planning or email financial planning and we can let you know the status of the loans. But if you have a question as far as like something that's being billed looks.

To you on the on the statement of account, then contact the bursars office.

So one of the questions is so if I don't have so if I look at the statement. And it doesn't have anything on it, like Reese Aid Resources then that means you probably there's something incomplete. If you don't have anything on your bill if you don't have any type of financial aid resources on your bill. I would encourage you to contact financial planning immediately because I'm afraid that there's probably something that we requested that we did not receive the financial aid has not been processed. Yet then don't be alarmed. We still have time to do it.

But the sooner we get it done the better.

So we do have educational loans that are offered through private lenders. So we have parent a parent or grandparent a family member or friend would be a really good friend if they borrowed on your behalf, so there are private loans that you can get there's a website here showing the you know if you want to type that take a picture of that or a snapshot of that where you would go on our website to get to the alternative loan page. The only thing is like I said, this presentation is on the financial planning website.

So you'll be able to look at it at another time, an if you contact our office to we can make sure that you get a copy of quick handout that would show you all the alternative loans that are available. If you're a Pennsylvania resident or a resident of the surrounding surrounding states you can there's a PA forward loan that has really good interest rates. It's a private loan that student or appear and can get as far as picking up the balance of what is owed?

After the federal direct loans. It's a low interest loan. That's being made available for the first time this coming academic here and I've heard really good things about as far as students and parents being approved with really good interest rates.

Um.

So I'm going to, I am going to go on with this and then I'm going to go back someone's asking if we can provide the contact information again for financial planning so let me finish. This presentation and then we'll kind of scroll back to that contact information on the alternative loans interest does accrue immediately. Some of them or determine using the prime rate plus a certain percentage do have fixed and variable rate options. I would certainly choose the fixed. I never go lean toward the variable it might look nicer.

The beginning, but I think people have better luck with fixed rates. Unlike the government loans or no origination fees on the private loans. So the government loans us. I said they have a 1% origination fee for federal direct loans and the 4% for the plus size. The private loans do not have the origination fee, but they and they have different. They have different loan options too. Like you can some of them you can pay the interest if you would like some of them you can pay make a small payment as well, and again. You set that up when you borrow so you make.

All those decisions whenever you finalize the loan you may borrow again up to the cost of Education minus all financial aid. So you can get what you need for the full cost of Education for the year and like I said some loans do require a small immediate repayment plan, but it is very minimal like I know there's someone lender civil saying well. If you can pay $25 a month. That's great, but it does vary from lender to lender.

Work study all students are responsible for finding a job on campus if they want to work. We don't appoint positions. We do have a list that will be made available probably toward the end of August actually right before the students come back of jobs. We know of that are available on campus. There, a lot of Department that really don't post positions. Sometimes they put him on the daily announcements that say, I would encourage you if you have a particular interest in a job like let's just say you're a lifeguard. I would encourage you go.

Right to the sports and rec center and let them know to get your name on the list if you have an interest in working in the library or anything have an interest in encouraging good to write to that Department. We do post jobs that are available. But like I said, We don't know all of them so the list. Sometimes is is a short list. But there are other jobs on campus. We do, we really have students that can't find employment in on campus if they if they want it. Students are paid on a BI weekly basis, so again. It's paid by direct deposit is based on the numbers.

Of hours you work.

I want to touch on academic progress is really important, so students must complete a minimum of 12 credits per semester or 24 credits for the academic year to be eligible to maintain the same financial aid eligibility again going forward to the sophomore year. Failure to do so may result in the loss of federal and institutional, aid, usually what happens is is the PA. State grant that's effect that we understand some students struggle and they make up credits during the summer and that's great.

With the Pennsylvania State grant if you don't maintain academic progress by completing 24 credits for the academic year. They will take your state, grant for one semester. The following fall, even if you make up those credits during this summer, so it's really important for Pennsylvania residents understand that if you have a PA. State grant and you don't maintain eligibility. You could lose your state, grant for the fall semester of the following year, it rarely happens. But I felt like I need to mention that.

OK, so there's are finding it. There's our contact information again. The financial planning office and the business office. It's our email address an R phone number.

So the question is how much the students get paid an hour. It's minimum wage 725, Seven Twenty Five and are they get paid?

And see if there any other questions here.

Give you send you the link directly into the chop box, so that you can see the link directly to our scholarships and aid page.

A question are there many jobs out of the community that students can access with higher pay.

In my experience it's easiest for best. It's easiest and best for students to get jobs here on campus because we respect student schedule, so if they have a test coming we can jump in and help them too.

Make sure that we are accommodating to them and to all the things that they have going on as students.

There are there are part time jobs available off campus, but sometimes students. Find difficulty in lesser bring a car to campus. They find if a coding and getting to that job so we do. The good thing is to the students eligible for work stay. There are community service jobs off campus. They students get paid like they're working on campus. But I think the real question is, are there jobs off campus with higher pay an?

I'm not sure that you know, I think that probably most of the part time positions in the year, you're probably all the same they're probably all minimum wage.

There any other questions we can give you a moment to get those to us.

We did record this an we will be sending it out in the next day or so that you can review it and watch it at your leisure and like I said feel free to contact financial planning or the business office. We're happy to answer those questions.